How Much Money Is Insured in a Canadian Bank Account?

In Canada, eligible deposits at a Canada Deposit Insurance Corporation (CDIC) member institution are insured up to $100,000 per coverage category, per institution.

The limit includes both your original deposit and any interest you have earned. Coverage is automatic and free.

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What Does the $100,000 CDIC Limit Mean?

CDIC coverage is based on both the institution and the deposit category.

For example, if you have $80,000 in a chequing account and $30,000 in a savings account held in your name at the same CDIC member institution, those deposits belong to the same individual-name category.

Together, you have $110,000 in that category, so $100,000 would be insured.

Opening several regular savings accounts at the same institution does not multiply your coverage if they all belong to the same category.

What Deposit Categories Are Insured Separately?

CDIC provides separate coverage for several categories, including:

• Deposits held in one name
• Joint deposits
• RRSP deposits
• RRIF deposits
• TFSA deposits
• RESP deposits
• RDSP deposits
• FHSA deposits
• Eligible deposits held in trust

Because these categories are insured separately, one person can potentially have considerably more than $100,000 protected at the same institution.

Are Joint Bank Accounts Insured Separately?

Yes.

Eligible joint deposits are insured separately from deposits you hold only in your own name.

For example, money held jointly by two people can qualify for its own coverage category rather than being combined with either person's individual deposits.

What Types of Money Does CDIC Cover?

Eligible deposits can include:

• Chequing accounts
• Savings accounts
• GICs and other term deposits
• Foreign-currency deposits
• Certain bank drafts, certified cheques and money orders

The financial institution must be a CDIC member and the product must meet CDIC eligibility requirements.

What Isn't Covered by CDIC?

CDIC does not insure investments such as:

• Stocks
• Bonds
• Mutual funds
• ETFs
• Cryptocurrencies

This remains true even if you bought those investments through a bank.

What If You Have More Than $100,000?

You may be able to increase the amount of insured deposits by keeping eligible money:

• In different CDIC coverage categories
• At different CDIC member institutions

For example, eligible deposits held in your name at two separate member institutions can each receive their own coverage under CDIC rules.

Before moving money, confirm that each institution is separately listed as a CDIC member rather than assuming different brand names automatically mean separate coverage.

Are Credit Union Deposits Insured?

Credit unions can follow different rules.

Many provincially regulated credit unions are protected through provincial deposit insurance systems rather than CDIC. Coverage limits and rules vary by province.

Federally regulated credit unions may be CDIC members.

What Happens If a Canadian Bank Fails?

If a CDIC member institution fails, you do not normally need to purchase insurance beforehand or submit a traditional insurance claim.

CDIC determines the eligible insured deposits and arranges repayment or another resolution for covered funds.

The key is to understand how your money is categorized. The $100,000 limit applies separately by eligible deposit category and member institution, which means your total deposit protection can be higher than $100,000 when your money is structured across different insured categories.